A Missouri-based development company has broken ground for its Idaho flagship project.
LOCAL Ventures has started construction on a six- and seven-story, 249-unit residential project on Myrtle Street in downtown, called LOCAL Boise. The project also features roughly 13,000 square feet of amenity space — such as a rooftop lounge “with mountain views” — and almost 8,000 square feet of space at ground-floor for restaurants and retail.
When asked what was attractive about Boise, Vice President of Development Marina Malomud said: “What attracts everyone to Boise.”
“It’s such a vibrant and amazing place,” Malomud said. “It’s a draw for folks throughout the country, the quality of life.”
The project is anticipated to be completed November 2022.
Target rents will be set closer to building delivery, Malomud said, but smaller furnished studios (ranging 365–510 square feet) are anticipated to rent for around $1,000. Current searched listings show that is comparable to similar options in the nearby area.
“It’s certainly a smaller footprint than anything probably in the market,” Malomud said. They are designed to be as comfortable as possible with built-in furnishings that maximize the square footage, she added.
“On the most part, the apartments are sized a bit more efficiently than conventional market deals,” Malomud said. “It will be attractive to young professionals, folks looking to move into the state, in-state (residents) looking to move into the downtown core; it really has an opportunity for everybody.”
Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing, according to information provided by Western Real Estate Business. Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower.
LOCAL Ventures and Appian Capital purchased the development site from WinCo Foods in November 2020, according to Western Real Estate Business, and construction started in January.
“We could not be more excited,” Malomud said. “We will continue to pursue more development in the market; it’s a very vibrant place. (It’s) clear, with vacancy rates what they are, development is needed and we want to be a part of it.”
LOCAL Ventures also plans to soon break ground in Minneapolis, and currently has a project underway in Nashville. It has completed projects in Arizona, Michigan, Missouri, New Jersey, Pennsylvania, South Carolina and Tennessee.
LOCAL Ventures was created as a second business, focusing on multifamily housing, by the same two founders, who initially began with a student-housing focused company. “Across the country, there is a consistent conversation that new apartments are too expensive, especially for young professionals,” LOCAL Ventures states on its website, and demand for cost-effective luxury housing outpaces supply.
Data from 11 core indicators — centered on population growth, employment in high-value industries and strong multifamily fundamentals — is leveraged in the company’s approach, according to the website.
“LOCAL was created to fill a gap in the housing market that our founders recognized over years of developing student housing,” LOCAL Ventures states on its website. “Leveraging years of experience … LOCAL’s founding partners recognized an unmet need for demographic-targeted housing that delivers on experience, location and attainability. To hit that target consistently, each LOCAL project is tailored to the context of its city and culture and to what our residents need to thrive.”
For now, the Treasure Valley has been the focus for potential Idaho projects, and there is current hope for building a bigger presence.
LOCAL Boise is across from Julia Davis Park and is immediately adjacent to two grocers — WinCo Foods and Whole Foods Market — and is described as being about a half mile from the core of Boise’s business district.
“The recreation opportunities are so unique to Boise,” Malomud said. “We really designed it with the perspective of maximizing enjoyment of those amenities. Our outdoor courtyard has an amazing view of the foothills. (We are) trying to bring in the incredible outdoors as much as possible; that’s what makes it unique.”
Apartments (coming) for Rent
Studios: Approximately 365–510 square feet
1 bedrooms: Approximately 570–700 square feet
2 bedrooms: Approximately 765–940 square feet
4 bedrooms: Approximately 1,300–1,450 square feet, and can “certainly be (thought of) as shared space.”
Comparative studios nearby:
Studio around 600 square feet at the Fowler — $1,278
Studio around 560 square feet at the Addison — $1,225
Studio around 335 square feet at The Vanguard — $1,200
- Full-size coffee bar
- Branded coach-led fitness classes
- Expansive co-working and entertainment spaces
- Outdoor sundeck with resort-style pool and hot tubs
- Rooftop lounge with mountain views
- Dog-friendly deck
These spaces allow residents to take advantage of these amenities without having to find them outside the development, Malomud said.
The co-working space was designed with the understanding there is a large trend in working from home, so the space can be used by individuals or collaboratively.
Attention was given to how the concept plan was integrated and how one space flowed to the next, Malomud said, and a partnership was formed with an interior designer.
“We’ve taken time to focus on what amenities we can deliver,” Malomud said. “We’re really positioned ourselves to provide residents with everything they need, and at one price point.”